<PAGE> 1
FORM N-18f-1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Notification of Election Pursuant to Rule 18f-1
under the Investment Company Act of 1940
Stepstone Funds
NOTIFICATION OF ELECTION
The undersigned registered open-end investment company hereby notifies the
Securities and Exchange Commission that it elects to commit itself to pay in
cash all redemptions by a shareholder of record as provided by Rule 18f-1 under
the Investment Company Act of 1940. It is understood that this election is
irrevocable while such Rule is in effect unless the Commission by order upon
application permits a withdrawal of this Notification of Election.
SIGNATURES
Pursuant to the requirements of Rule 18f-1 under the Investment Company Act of
1940, the Registrant has caused this notification of election to be duly
executed on its behalf in the City of Wayne in the Commonwealth of Pennsylvania
on the 20th day of March, 1996.
Signature: Stepstone Funds
By: /s/ David G. Lee
----------------
David G. Lee
President
Attest: /s/ Kevin P. Robins
----------------------------
Name
Vice President
----------------------------
Title
